Is it Craigie's Time Now?

For residents of Craigie, would you consider demolishing your old 3x1 and building a new home?
Something I am considering after many months of research over all of Perth. Finding that new developments are:
1. A long way out and not necessarily serviced as well as Craigie is located
2. Smaller Blocks (max average 500sqm)
3. Costing the same as a demo and rebuild investment.

Only burning decision is do I make the first step in Craigie and take the risk of over capitalisation? Most houses in Craigie are still only pushing the $500K mark and the most expensive ever sold for $600K. After my purchase and the rebuild exercise, reality would be a $750K exercise.
Having said that I am still central to many services and I have a 750sqm block with an existing pool and a house that ticks all the "want" boxes....

Be good to get some opinions form others that may be considering the same thing, or have even done it.
Question asked via Homely.com.au The opinions expressed here are those of the individual and not those of Ray White.
3 people following
this question
Report

2 Answers

In my opinion as a 12 year Craigie resident it is absolutely time to demolish and rebuild.

We are also in the process of drawing up plans to do the same thing and are certainly not concerned with over capitalising. Property in Craigie has really only been land value for the last 15 years or so. People that buy in this area do so because they want a big block and close proximity to facilities. They do not buy because they like old homes, they buy because old homes are the only option in this area unless you head into the Hillarys estate where you are looking at 1 million minimum to buy in. Craigie already has the amenities . . new public primary school, local shopping centre, Craigie leisure centre, excellent public transport access, new bulk billing medical centre, 2 minutes to freeway, 5 minutes to beach, 2 minutes to Whitfords Shopping Centre, 10 minutes to Joondalup. So why not make yourself comfortable!

Craigie itself will be going through a huge revitalisation over the coming few years so new housing will be appearing all over the place. The reasons behind this are the Joondalup Draft Local Housing Strategy currently waiting for approval with WAPC and the 2 new land developments yet to be released.

When the COJ Draft Local Housing Strategy is approved (no time frame provided as yet) a number of larger blocks in Craigie will become subdividable and due to the stringent redevelopment requirements most homeowners will have no choice but to demolish and rebuild to take advantage of the rezoning. For further information refer to http://www.joondalup.wa.gov.au/develop/draftlocalhousingstrategy.aspx.

The City of Joondalup Draft Local Housing Strategy of course includes all of the City of Joondalup so what makes 'Craigie' the place to develop?

Well as mentioned earlier, there are also 2 new housing estates being opened up in Craigie over the coming 24 months. The first known as 'The Vive' is opening up on the old Craigie High School Site on Camberwarra Drive and includes approximately 140 new dwellings. For further information visit http://www.landcorp.com.au/project/thevive/

The second unnamed development is the old Camberwarra Primary School Site also on Camberwarra Drive just around the corner from the old high school site. This site is also expected to provide a further 60 new residential sites. http://www.landcorp.com.au/project/craigiecamberwarra

So in a nut shell with a minimum of 200 new residential dwellings being built in Craigie in the next few years (regardless of the outcome of the City of Joondalup Draft Local Housing Strategy) we will not stand alone building a new home and in fact down the track should have greater resale appeal as being on one of the older blocks we will still have the added advantage of a bigger block as the average size of the new lots are 450m2.

Good luck with your decision!
1 vote
Report
The opinions expressed here are those of the individual and not those of Ray White.
Boydy
Boydy Thankyou for your response CraigieResident... i have looked at all the developments being delivered "The Vive" etc and also aware of the re-zoning, although i'm not affected by that being adjacent Warrandyte Park.

I think i am pretty well decided to proceed with the re-build. I have to make a decision before the end of the month as I have already had my plans completed and about to sign the contract to proceed.

It is good receiving your feedback that i wouldn't be alone... an lets face it someone has to be first or nothing will change..

I also believe that the over capitalisation would only last for 2-5 years.

I looked at "The Vive" development and as you say blocks are limited in size and i assume will still be in the $400K area to purchase. Also there are only 128 blocks and already over 800 EOI's so most likely the release will be managed by ballot and odds are not favorable with that much interest. Also the larger blocks wont be released until late 2014 at the earliest.

Looks like goodbye 3x1 and hello to 4x2, Study, Activity, Theatre and large garage... and i get to keep the pool. :-) ....
2yrs+
Add a comment...
RonG1 Mar 25, 2016
Check out this web site.....www.smartproperty.zone
0 votes
Report
The opinions expressed here are those of the individual and not those of Ray White.

Your answer